The Go Green Exhibition, Egypt’s first exhibition of technology for converting vehicles to clean energy and replacing older models to newer versions, has witnessed a high turnout at its opening.
Minister of Trade and Industry Nevine Gamea said that the ministry has designated a hotline, which users can contact via the number 16733, which will respond to all citizen enquiries.
The minister said that the price for scrapping vehicles over 20 years old is fixed, and that the government has implemented incentives according to the vehicle’s condition. She added that the initiative will remain in effect for a period of three years, allowing those wishing to replace their vehicles through the initiative an extended period in which to do so.
Yasser Gaber, Spokesperson for the Ministry of Industry and Trade, told Daily News Egypt that the first day of the exhibition saw those interested fill in forms to purchase new cars.
In the first phase, the government targets the replacement or conversion of 70,000 cars, including private cars and taxis, with the second and third phases to support the replacement or conversion of 90,000 cars.
Ahmed Fawzy, a marketing representative at Italian automobile manufacturer Fiat, said the company participated in the exhibition in order to introduce citizens looking to convert their cars to work with natural gas.
Fawzy also said that the company is providing four models with prices ranging between EGP 210,000 and EGP 320,000.
Sherif Ahmed, responsible for tenders with the Suzuki agency in Egypt, said that the company has provided three models of cars.
The Central Bank of Egypt (CBE) announced that it is allocating EGP 15bn to replace vehicles to work on a dual-fuel system. The financing will be available through banks, and will be provided in the form of loans to individuals at an interest rate of 3%.
Under the initiative, the loans are granted to individuals wishing to convert or replace vehicles to run on a dual fuel system, with payment instalments available for a period ranging between 7 and 10 years.